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Initial Claims: 474K - Bring Out QE3
And scene: jobless claims explode to 474K, beyond the worst economist expectation, far above consensus of 410K, and well above the previous (upward revised of course) number of 431K. This is the worst claims number since Aigist 2010. Game over for the US "recovery."
Welcome to the US Recovery:
Those collecting EUC and Extended Claims continue dropping of the 99-week roster, with 48K no longer collecting weekly government paychecks.
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Wanker!
Hamy: You thoroughly amuse me by your measured jabs and parrys. No bone crushing hits or knockouts, just a bunch of dancing around. Just like a fight, but without punches. Carry on. Commander Cody
Detroit??!!
Go to West Virginia where your business can enjoy the full impact of the Democratic Machine as it interacts with Business...
I have to say, you troll Harry perfectly. I am suprised there are so many that still fall for this. I will admit early on you'd have me goin, but now... good laughs.
but surely one of the reasons their purses
are not empty as you put it is that they could
be squatting in their homes. Not having to
pay a mortgage or rent can certainly help boost spending
which of course is the only thing USA can hang it hat on- pretty
pathetic actually.
Kick ass numbers from kickass policy
And Treasuries take off like a rocket.
J. Gundlach: 1
Bill Gross: 0
The unemployed will have no problem paying off the debt.
Tornados.
Snow!
Blame the weather, komrade. Is good excuse for our destructive policies.
Heh - that's precisely what I thought as well.
Gimmie Money!
http://www.youtube.com/watch?v=w_pSCCzuU4Y
Recovery was a myth cooked up by fraudulent calculations of both GDP (overstated) and price inflation (understated).
Welcome to the United Fraud States of America.
I think FUSA is a better acronym. Fraudulent United States of America
i love the spin on bloomberg atm.
From Bloomberg:
The number of claims for U.S. unemployment benefits unexpectedly rose last week, pushed up by auto-plant shutdowns and other unusual events that seasonal variations failed to take into account, the Labor Department said.
Applications for jobless benefits jumped by 43,000 to 474,000 in the week ended April 30, the most since August, Labor Department figures showed today. A spring break holiday in New York, a new emergency benefits program in Oregon and auto shutdowns caused by the disaster in Japan were the main reasons for the surge, a Labor Department spokesman said as the data was released to the press.
It's always "unexpectedly". Ha! Like having an 'accident' in your pants. Every day. Totally unexpected. Yeah, that's it.
Fighting like gladiators to get their mini-wage jobs.
Recovery! Yes - those dollar-or-less stores are thriving!
I'm just glad the grownups seem to be in charge.
Heaven knows what would be happening if we let the rank amateurs run the show.
.......in other news.....Osama Bin Laden....is still dead.
the yen is on a tear...ill wind blowin.
They will have to continue to cheapen or else they blow up. That's your global asset tailwind trade
Incredible. Who could have forseen this surge in initial claims?
Folks that read ZH could have, and did, foresee the slump arising from the oil-price surge, and other, er, headwinds. Next shoe to drop = Miki Maus Stock "Market". A lot of upper-middle class/old-money WASP types that I know are waving the BHO flag solely on the basis of their portfolios' "growth" (pre-inflation-adjusted, but, eh, no inflation, right?). That will change in a jiffy when another, less "flashy" crash sucks yet more wealth away.
No mention of oil or input prices in the whole bloomberg article.
But of course. Mikey sees that BHO is on board with NWO plans like electronic tracking of autos for "tax" purposes, so he's giving him a pass, BHO is one of The Serious People now, lol. Here's the actual headline... if by "Anomalies" you mean surging food/fuel/health costs, o.k., but no (!?!?)
Jobless Claims in U.S. Unexpectedly Jump Due to Anomalies
I think the word you're looking for is "Inconceivable," not "Incredible."
Bloomberg says: "blame it all on spring" numbers are wrong all about sesional adjustments.
well then...long silver (paper) now.
Japan?
Wow.
Cut scene to 2008, everything denominated in dollars plummets as does the dollar itself.
or should say only this time the dollar pile drives into the ground unlike back then. No safe haven if you are in risk trades or if you are in cash or if you hold paper anything. Say goodbye to the already depleted stocks of physical anything!
It does smell like wealth destruction.
Maybe time to avoid walking below tall bank buildings.
"It does smell like wealth destruction.
Maybe time to avoid walking below tall bank buildings."
.........hedgeless_
Nice++++
Recovery also cannot take place in the small business community due to the wall of regulation put up by the federal government governing for the benefit of the mega-corporations who consider competition to be a sin. So consumers will be denied fair prices for the things that they need to buy and so the financial raping of the people by the oligarchs will continue.
Bingo.
Buh . . buh . . buh . . but, he just had a press conference. And he said this was all transitory and stuff. And we killed bin Laden and now eveything's all right and stuff. And I just bought this new plasma TV, and they gave me credit at the store and stuff.
Europe may slow down rate hikes, Euro lower, dollar higher. I was not concerned about QE3, it was QE11 that I was not sure about. Feel better about that now. And on the idiot channel, gold, silver, going lower. Bad place to be. Luv it. Will add again.
Time to rethink the agenda of the FED; it is gradually morphing into mutaully assured self-destruction.
So why is the dollar up?
So why is the dollar up?
It's amazing what you can do with 3 trillion dollars of hot printed DOLLARS.
.....we're not really taking questions right now.....try back later.
Cos JCT wants the Euro down...he just said so according to TD's summary.
There IS a currency war on...
Think it thru and quit drinking all the kool aid being offered you. You would be able to figure it out.
trichet et al in europe talking rate hikes all year etc ... euro rises vs dollar ... then goes dovish .... euro drops ... euro in dxy is 25% to 30% of the basket, maybe more ... might be off a bit ... but more than yen in the basket
I just noticed the Euro plunge.
There is a monetray tornado a comin'! Get to DeBasement!
euro is actually 57.6% of the dxy....
thanks. i was too distracted to look it up.
USD up agaisnt EURO basically because the EUR is trash too, but Trichet is going dovish now.
Yes......Bloomberg just said "ignore the numbers"...lol....that is what the guy economist just said.....what a joke...and now Geitner better raise his ceiling to 4-5 trillion..he is going to need it...
and QE III is a shoe in....
Now lets see what happens to PM´s.....if the USA companies keep destroying the market for the real buyers of PM´s....the foreigners will buy it all up and the USA´s wealth will be drained even more....we will see tons of PM´s leaving this country to Asia....Mexico (lol) and of course China and Russia....then the US dollar will really be just paper.....South Korea said today they are starting to by Chinese treasuries to get out of the dollar..now the roller coaster ride starts...and there is going to be a lot of screaming and puking...Me...my bet is PM´s..I am sticking wth them in this crash
I think the Blmbrg economist is Mike McKee. He is a Half-Orc that was sharted out of some Keynesian Troll that was conjured by The Bernank.
+2 dexterity. roll the 20 sided die to dodge half-orc trap.
race is a myth...half orcs don't exist.
It's amazing how "racist" the wikia on these things is...back when different breeds of mortal humanoids had different average attributes.
lol, are you going to grace us with another lecture on the finer points of low IQ scores in blacks, mulattoes, and quadroons?
I can't wait.
A very IMPORTANT QUESTION: WIll it spike UP the EM equities ?...or this QE3 is just for commodities?...if it comes.
1. The numbers are probably even worse than BLS is reporting.
2. S&P Futures only down 0.6%. ---- fucking amazing.
Dow down 300 today. Closes unchanged, of course.
It was unforseeable. Everything is unforseeable.
The Crash soon to resume is plain to see.
Double Post
Have to love how these market takedowns always achieve the goal short term with a bias for what the Fed wants rigged. For example:
Silver had been decimated
Oil now at 106
AG commods lower
All this on about 170 Dow points. Now when the markets begin to ascend again they will take all stocks with them but not the commodities. Past 2 times it has only lasted about 2-3 trading days but that would never stop them from trying again.
The bias proves manipulation and a concerted one.
tmoseeelllyyyy
I want to lose some money today. What are your recommendations?
1)Put some FRNs on your desk.
2)Watch them carefully.
3)They've now lost purchasing power.
Woops. Took your advice, they just gained purchasing power.
http://finviz.com/futures_charts.ashx?t=DX&p=m5
silver has been UTTERLY crushed...how many thousands of dollars have the shameless silver bug pumpers cost gullible neophytes who just came here for some financial advice?
Even as blowtorched as SLV has gotten over the past few days, it's still nowhere near truly oversold territory. RSI and stochs on the daily suggests there is still ample room to plunge. A relief rally will be savage and if you guess right on some fm calls, will flood dollars to you
20% loss for holders of physical if they sell today IF they bought at the peak. Rather than, you know, buying for the four years I have been telling them to buy.
Peter Schiff got a Peter Schiff was right video in 2009. I wonder if there will be a tmosley was right video in 2012?
Buy and hold dollars.
jobs story to be buried quickly, OBL pictures or some such will be put front page..
the intentional destruction of the American economy continues but is ignored by our MSM
the biggest story of our times is not addressed perhaps that is always how it worked.
how many ceo's are looking at this and thinking that there is no escape from BK, not bankers for sure.
", OBL pictures or some such will be put front page.."
Hitler was found alive today in Boca Raton at Schultz's deli buying latkes for Eva Braun.
Gee, those rising food & energy prices are killing the Economy..... who'd a thunk!
QE3 will send initial claims over 500k
Tis no worry. McDonald's and Walmart are hiring plenty of folks. This is pretty much what America has come to in that only shitty retail/fast food restaurants will hire people in this country and the MSM advertises it like it's the greatest thing on earth.
Did the MSM say that there might be a chance of QE3...if they did than its really QE3?.....\ But will this QE3 be good only for commodities or for EMs as well??
Print Baby Print!
Nuclear Winter in Japan = Positive for Jobs + GDP
Tornados, Floods, and Bad Weather In USA = Negative for Jobs + GDP
Thats the ticket, send that to print boys!
Nothing new here. QE3 is coming, debt ceiling increase is coming, dollar destruction is in progress. Why would anyone want to buy/hold soverign debt (treasuries) of a country who's currency is in decline??? I think B. Gross has this one right. As for me, I bought my first Ag at $11 and my most recent at $49. I only have 1 purchase of Au which was about $1,100. I will continue to buy the metals. I like my metals but fear for our country and way of life. Interesting times ahead.
wow
Well we always have the good news of the huge bank bonuses and how big they will be..thats a couple of weeks of good news....it makes my heat swell to see that the Goldman Sachs boys make record bonuses....I feel giddy inside...giddy giddy giddy
Loaded DGP.
Release Osama head shot picture on front page of newspapers. Jobs report story (one paragraph) will be in small print beneath.
The price of silver has to rise to encourage mining companies to replace inventory that has declined 90% from 3BN oz in 1955 to 33MN oz today as well as starting a silver recycling industry. This (alleged) manipulation is insanity. The industries that use trace amounts of silver in their fabrication processes are not interested in receiving "paper" silver.
Fortunately, people holding physical silver is how they will survive the austerity being forced upon nations around the world.
Bonds and the dollar are going ballistic.
Might be a big turn in the markets today, and time to go short big.
Commodities of all stripes are getting utterly destroyed.
What was it you called the people who were buying bonds yesterday? Lumpen? Sheeple? Dumbasses? I forget.
Poo-poo heads.
might be...but every other time we've seen this, the trend was reversed right quickly. If you go short, keep it on a tight leash
Death by margin compression, bitchez
raise your arm if surprised.
i count zero arms raised.
I see a few in Manhattan and DC. Where people work for a living, zero.
you're right. i lost my head forgetting about the clueless in manhattan and dc.
This is just a trial run to make sure that traders run to treasuries on the bad news, just in case QE 3 meets resistence. Treasuries support is mandatory, while stocks may be sacrificed until they become, once again to ponzied to fail; hence qu..eesy III
Death by margin compression, bitchez
Maybe time to go back into muni bonds, not!!
From Bloomberg,
In December, Meredith Whitney, the bank analyst who correctly predicted Citigroup Inc. (C)’s 2008 dividend cut, said on CBS Corp. (CBS)’s “60 Minutes” there would be 50 to 100 “sizable” municipal-bond defaults.
Since July 2009 there have been 284 defaults on municipal bonds, representing about $8.9 billion of issuance .
Well I'll be damned Meredith was right!
She has not been in the news much this year and now I know why.
"Interest payments on municipal bonds generally are exempt from federal taxes as well as state taxes for investors who reside in the issuing state".
You can say good bye to the above.
That last statement is kool aid too.
Municipal bonds will always be tax exempt. There is no constituency for taking away the tax exemption.
Socialists and conservative politicians both support the tax exemption, a few lone voices to the contrary notwithstanding.
Since i dont drink anyones kool aid this was easy to spot.
Remember the raging debate how treasury bonds would blow up at the end of qe2? There were two of us pointing out it would be a non event or even a slight lowering in treasury rates.
I have maintained consistently that hyperinflationistas are wrong. A classic contrarian stance when all you young girls get hysterical and one sided should do well.
As mentioned yesterday I am in cash and ZSL. Will probably cash out this a.m. my ZSL winnings. With current silver prices and my gain i have now roughly made up for selling most of my silver at an average price of mid twenties.
Now when the young.girls on this site get hysterical about the united states imploding during a deflationary bust, it will be time to go risk-on again.
I've also been in the deflationary collapse camp. There is nothing contrarian about being anti-bonds right now. According to the latest Barrons Big Money Poll, 87% of the "experts" surveyed are bearish on bonds. The last people I want to share an opinion with are the Goldmans, Merrills, Morgans, etc.
And the ugliest, biggest, failed settlement king of all.
Bill Gross.
Good thing he has money cuz he would never get laid otherwise.
I like bonds well enough, but the one bond I never liked was Roger Moore.
a Lazenby fan...not many of us.
One thing to keep in mind. I'm one of the producers that is supposed to pay the debt on those bonds. Guess what? I ain't payin' it. If you want a return on a government bond, better expect to be paid back with air-money, because we're hunkered down out here in the real world. A world empire that impoverishes its own people collapses of its own weight eventually.
Well, I haven't been buying Treasuries...only corporates and select munis. They've all sold off over the past few months.
The CME will probably view this development as volitility in the Silver market and raise margin rates again this week and next. Oh wait shit they already are.
QE1 and QE2 failed, then why QE3 when they know it will fail like QE1 and QE2, no QEs again, just deflation
QE1 and QE2 haven't failed...they just haven't worked right yet.
So this is bullish for AAPL, new 1 year arm jumbo mortgage and a brand new escalade right? I just got a job at Starshmucks so i should qualify ;-) (sarc)
Welcome to The Recovery, serfs.
CNBC now just announced you should just ignore all numbers and data and just buy all the stocks you can in panic fashion. No thanks, whores!
But there is no bubble in stocks and bonds.
I heard TEPCO has openings in Japan at $12/hour.
More unemployed become unemployable... Thee middle class will be crushed and turned into government dependents and/or debt slaves. Half the people get more from the govt than they pay in. Half the people in Detroit are illiterate. It seems that this is being done intentionally. It doesn't take an extra eye to see that it result in outright wealth confiscation.
Get ready. Have some wealth below the radar.
housing: double dipping
jobs: woeful
inventory: building as there is slower sell through
consumer: basically maxed out
commodity inflation: pinching co's profit margins, co's raising prices
valuation: in the highes quartile of historic range
int rates: artificially low as the Fed buying 50-75% of all US debt issued last 9 months
for all of you nitwits out there, those are perfect condition for economic sucess and a market rally based on strong fundamentals.
okay, that last one was a total lie, but all the other stuff is totally true
This will get much worse.......The layoffs coming at the city and state level will be massive.....
http://nakedempire2.blogspot.com/
QE3 will be the best heroin yet!
We will OD on this shit!
I guess it's a matter of perspective. Bob Pisani just said that the numbers were "a little worse than expected."
Ahhh don't worry everyone! Food stamps are inflation adjusted right? This is just sad.
http://silverliberationarmy.blogspot.com/
Why would anyone believe that anything we see in the political and financial news today suggests that PMs will, long-term, fall? Everything points to skyrocketing PMs, energy, and agricultural commodities in the long run. Everything.
If you are smart enough to time the markets and buy ZSL when silver is at $49, sell it at $37, buy AGQ, and ride it to $70, great for you. You will make alot of money. But if you are not that smart, if all you do is hold an PM that you currently hold today, by 2015 they will be worth double what they are today. Hell, they may be worth 25% more than today's pruice by the end of this year.
I am not that smart, hence I add to my physical PM stash (BTFD) all savely buried and I sleep like a baby.
I have to laugh. A graph of ZSL is a mirror image of AGQ. Try that for any stock related ProShares pairing and you'll find that the inverse EFT does NOT mirror the positive index.
Moral? If you short in the "approved" manner you will be allowed to profit. Otherwise, you lose.
Killing bin Laden was a signal that the narrative is changing. Forget about inflation, that's old news. Silver is leading all commodities lower, or does anybody think that a $10 sell-off in WTI crude in a week is normal? The PTB got within a whisker of gas at a national average of $4.00, which was their target, saw the rather dramatic fall-off in gasoline purchases and the ramp n supply and said, OK, we've done our job for now. Gas will be back around $3.50 by July 4 and probably going lower because the long term trend is depression.
Remember, all that matters is the presidential election in 2012, so they have to crash the Obama economy to ensure a level playing field for whatever loser emerges as the Republican candidate.
Changing your thinking at a fairly rapid pace is essential to keep up with the machinations of the oligarches. As I expressed in another thread, the sheeple will continue to be fleeced, this time from another direction. More food stamps and free houses for everybody! Of course, ZIRP stays until well into 2012 or beyond and the Fed will just roll the debt rather than do QE3 to the same effect.
Everything goes down from here.
Just wait til June. Our community has to cut it's school budgets by over $20 Million!! This just in from my local board of education:
We are planning cuts in administration personnel, teachers, teacher's aides, maintenance personnel, gifted education, exceptional childrens' program, etc., etc., etc. But we are still facing drastic cuts in our state, federal and local funding. We have asked the county commissioners to add to our budget to make up for the federal and state cuts in our allocations. Please write your commissioners and ask then to increase our funding so that we won't face all of these cuts.
you'll have time to find a husband!
YES, cut all programs for smart kids and spend more money on underperforming minorities!
Oh and write your commissioner and tell them to raise the budget, but don't volunteer to pay for that.
Welcome to the recovery!
Took them a year to announce that we were in a Recession.......
We are in a Depression. They're trying to push it down the road by Printing money. They want it to fall apart on the Conservatives. Money supply is parabolic, stock market parabolic, commodities parabolic..... anything going straight up comes down hard!! Be prepared.
Nice, silver down to 37.57.
Ride paper Silvertards!!!
Any ideas on where I should hide my fucking hoard of physical.
buy USD now and buy euros in six months time. Crazy world.
Could these cycles be the plan of the Fed all along to prevent catastrophe?
Commodities rise parabolically and put a strain on the economy. As the economy sours commodities crash. This eases the strain on the economy and repeats the same process over and over in a slow and steady destruction of wealth while the big players enjoy the luxury of being ahead of the game.
Planned inflationary deflation... we want USD to sink in three years...but to keep WS assets up for eighteen months...the Bernanke put...
So much for all of those McJobs.
No wonder Obama ordered a .50 caliber cap in Obama's head. Nice distraction from these numbers.
It's an unemployment rally. Have a nice day.
Let's see: the largest corporations are doing just fine with much of their production and business overseas as well as the banks which are recapitalized (bailed out by our govt) and have so much money floating around (since they're not lending any of it) that they are pumping up stocks and commodities while the lucky middle class is working harder for less (if they can find a job). Welcome to Corporate Kleptocracy American style!
"Two Federal Reserve regional bank presidents indicated that the central bank won’t remove record stimulus soon, saying the Fed is missing its goal for full employment and inflation isn’t a long-term risk."
Hahahahahaha...they are absolutely correct, it's a short-term reality.
Parabolical rises are bell-jar graphs with teeny, tiny tops and an extremely steep right slope.
Interesting to read all the new responses, thanks for all the current news and updates. Hope to read more very soon.
moulin farine